Northville Downs Developer Pitches Reduced-Housing Plan
/in SE Michigan /by Tracy WillisThe proposed Northville Downs development continues to work through the municipal approval process. Hunter Pasteur Homes has been meeting with the Planning Commission on a plan that would bring in excess of 440 units of housing to the horse racing track site. The development would include 38 single-family homes, 98 townhomes, 28 carriage houses, 62 row houses, 172 apartments and 43 condominiums. A third of the site’s acreage would be designated to parks and green space, along with commercial space. The 11-acre northern portion of the Northville Downs site has been sold to Perennial Northville LLC, an affiliate of Hunter Pasteur.
Suburb Home Values Outpace Urban Areas
/in National /by Tracy WillisThe suburban real estate market is winning the property value race against the urban market. Up until June 2021, urban homes were gaining dollar value more quickly. However, after July 2021, home values in the suburbs rose faster due to the shift to remote work. Urban home values have continued to accelerate, but suburban home values are edging them out.
Grand Rapids College Negotiates For New Public Safety Training Site
/in Grand Rapids /by Tracy WillisGrand Rapids Community College is eyeballing 47 acres on which to build a major public safety training facility. The GRCC board of trustees is negotiating for property near the corner of Bristol Avenue and Three Mile Road in Walker. GRCC had looked at a number of sites in and around Grand Rapids before setting its focus on the Walker property. GRCC staff is excited by the prospect of bringing additional training and continuing education to its students and those already in the public safety career field.
Adaptive Real Estate Trend Is On The Rise
/in Grand Rapids, National /by Tracy WillisU.S. developers are embracing the office-to-housing conversion trend. Between 2020 and 2021, 32,000 new apartment units were created by converting existing building spaces that had been used for other purposes. Forty-one percent were former office buildings. In the last year, Grand Rapids has approved zoning changes that allowed commercial building owners to convert first-floor retail into residential space. Other cities leading the adaptive real estate trend include Washington, D.C., Chicago, Los Angeles, and Cleveland. Last year was the biggest year on record for adaptive real estate.
Fairlane Town Center Has Sold to Redeveloper
/in SE Michigan /by Tracy WillisSources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its commercial mortgage-backed securities debt on the properties. Centennial took over another Starwood mall mortgage earlier this year.
Ann Arbor Rezones Briarwood Mall Area
/in SE Michigan /by Tracy WillisThe Ann Arbor City Council recently voted to permit reclassifying over 200 acres around Briarwood Mall under the city’s new TC1 transit-corridor zoning category. The rezoning of 68 properties in the State Street and Eisenhower Parkway commercial area makes way for downtown-style development on the city’s south side. According to the mayor, the council’s steps will create a substantial amount of housing units in the city. The goal is to encourage high-density, mixed-use development. Building height limits range from 550-300 feet and depend on how close sites are to residential areas.